HMRC being nosey?

LSEdwards

Oh, sorry. I thought the OP was about reporting to HMRC.
All banks require extensive AML processes. Suspicious Activity Reports are sent to the Serious Organised Crime Agency, not HMRC.

Mikeyorks

BritOnTheProwl wrote: »

Besides the principle.....any idea what level this is??

As post #10 ...... it's not based purely on value. But the 2003 legislation mentions a figure of €15k (Euros). Which converted to around £10k at that time. And that's the indicative figure that's been maintained ever since.

Dr_Cuckoo3

LSEdwards wrote: »

Banks are required to send a Section 17 report to HMRC annually, providing information about all interest paid and tax withheld by account. This includes name and address of account holders.
http://www.hmrc.gov.uk/esd-guidance/s17-s18-si-reporting.htm

interesting - I wonder whether a Subject Access request would reveal a list of all my bank accounts ? - I am tempted to find out , because it seems that HMRC do not charge for SARs


http://www.hmrc.gov.uk/manuals/dmbmanual/dmbm510260.htm

http://www.hmrc.gov.uk/manuals/ntcmanual/misc_sar/registering_requesting_corres_info.htm

http://www.hmrc.gov.uk/manuals/idgmanual/idg41400.htm

The information on it's website does seem rather patronising towards the public (as far as the DPA is concerned) but I fear that they would scrutinise my finances as a result of a SAR

I don't have anything to hide , however they seem a bit dim on the subject of Data Protection and it is always time consuming dealing with silly people


http://www.hmrc.gov.uk/manuals/cslmanual/CSLM5010.htm

"The Data Protection Act (DPA) does not require an official form to be used for a formal application for subject access enquiries. It is unlikely that a letter will give sufficient information to be accepted as a formal application."

I think my letter will satisfy the requirements - it seems they are treating the public like idiots and I do not have time for a battle with stupid people

LSEdwards

I'm not sure what HMRC do with the information. I suspect that they only computer audit a small proportion of tax payers, but it would be really interesting to know.

I think many people believe that if they don't tell the tax man about some interest they have recieved then they will never find out, but Big Brother is in fact watching you.

zppp

Dr_Cuckoo3 wrote: »

interesting - I wonder whether a Subject Access request would reveal a list of all my bank accounts ? - I am tempted to find out , because it seems that HMRC do not charge for SARs


http://www.hmrc.gov.uk/manuals/dmbmanual/dmbm510260.htm

http://www.hmrc.gov.uk/manuals/ntcmanual/misc_sar/registering_requesting_corres_info.htm

http://www.hmrc.gov.uk/manuals/idgmanual/idg41400.htm

The information on it's website does seem rather patronising towards the public (as far as the DPA is concerned) but I fear that they would scrutinise my finances as a result of a SAR

I don't have anything to hide , however they seem a bit dim on the subject of Data Protection and it is always time consuming dealing with silly people


http://www.hmrc.gov.uk/manuals/cslmanual/CSLM5010.htm

"The Data Protection Act (DPA) does not require an official form to be used for a formal application for subject access enquiries. It is unlikely that a letter will give sufficient information to be accepted as a formal application."

I think my letter will satisfy the requirements - it seems they are treating the public like idiots and I do not have time for a battle with stupid people

According to SOCA:

Q. Are individuals entitled to know whether they are on the SARs database?
A. The Data Protection Act (DPA) 1998 allows for any member of the public to request access to their personal data under Section 7 of the Act. SOCA has an established process for dealing with such enquiries, although the individual responses may be subject to statutory exemptions.

I would say that if SOCA has to comply, then so would HMRC.

wellington1

I was led to believe that my savings are taxed directly by the bank?!

Also, I have just posted similar in another thread but I am wondering about building societies. Are these checked in same way as banks.

donkingkong

wellington1 wrote: »

I was led to believe that my savings are taxed directly by the bank?!

They are but only @ 20% so if you're a higher rate tax payer then you need to pay another 20% on your self-assessment at the end of the year.